Musings, observations, and written works from the publisher of Eckhartz Press, the media critic for the Illinois Entertainer, host of Minutia Men, and the writer of "The Living Wills", "$everance," "Just One Bad Century," "Father Knows Nothing," "The Radio Producer's Handbook," and "Records Truly Is My Middle Name"
Friday, January 20, 2017
It looks like Cumulus stock has a real chance of being dropped by NASDAQ. From Tom Taylor's NOW column...
Cumulus stock closes below $1 a share, starts the clock ticking at NASDAQ. A long-enough string of closes below a buck per share gets you a de-listing warning on different grounds from what cost SBS its place on NASDAQ. Cumulus resorted to an 8-for-1 reverse stock only about three months ago, on October 13. That’s when it was trading in the 30-cent range. Yesterday’s close of 98 cents means the NASDAQ will watch to see if “CMLS” stays below $1 for 30 consecutive days. If that happens, it could be back to the familiar routine for Cumulus – use the 180-day grace period to try to regain compliance. One good sign is that yesterday’s trading volume was well below the usual level.